QuickBooks Desktop Feature Impacting 1099 Reporting

QuickBooks Desktop Feature Impacting 1099 Reporting

Intuit’s latest version of QuickBooks Desktop was outfitted with incredible tools and features designed to make the work processes of the user easier ensuring all the related accounting tasks are completed efficiently within the stipulated time period. As is the norm with Intuit, every new version of QuickBooks Desktop is released with at least one new feature related to any aspect of the software, be it security, technical or functional section. This tradition of Intuit has led to the even greater popularity of the software in the market as now the user can look forward to some new innovative tool every year.

As stated above, Intuit’s promise of new feature came up with an innovative tool called 1099 Reporting that has impacted hugely the reporting of 1099 Forms. This feature was basically introduced because:

  • With earlier version whenever user accessed their QuickBooks software for recording of transactions related to check posting or debit, it was greatly advised to not provide words like ‘Debit’ or ‘EFT’ or different versions regarding Ref. Number (Check Number) division.
  • This suggestion was generally passed on by the QuickBooks experts to their customers as during the process of bank reconciliation of check accounts wherein the users require their transactions recorded in a numerical manner in the bank reconciliation window.
  • If the user records in ‘EFT’ under Check Number, when the sorting process of transactions is performed during bank reconciliation as per check number (as advised by QuickBooks experts), the order of the transaction converts to alphabetical order instead of numeric.

Thus, when the user records transactions only in numeric under check number type, the record consisting of number is displayed on top along with sorted dates, then by transaction consisting of check number in numerical order. But if the user types in words in between then the order of display is followed by following points:

  • In accordance with the date, recorded transactions consisting no numeric are displayed first.
  • Then the transactions consisting of words under check number system will be displayed (not affected by dates)
  • Lastly, those transactions which are recorded with numeric under Check Number category.

Apart from being wrongly displayed in accordance with the dates of the transaction taking place, this method also ends up creating a lot of confusion for the user as they will now have to scroll up and down in order to locate the correct transaction, especially in case of bank reconciliation process taking place.

The 1099 Feature got introduced within QuickBooks Desktop software to combat this issue. This tool helps in eliminating the transaction and forwarding the amount under 1099 amount category as soon as the user provides any word under check number category while recording the transactions. The words displayed below are counted for this process:

● Debit
● DBT
● DBT card
● Debit cd
● Visa
● MC
● MCard
● Discover
● Diners
● PayPal

This most shocking but definitely appreciated impact of 1099 feature on the working of QuickBooks Desktop since its release. Due to some initial issues with the feature an updated version of the feature called 1099-K was introduced which impacted in allowing users to use certain words under check number/reference number category. For more details on this direct connection with QuickBooks Desktop support team is advisable. Alternatively, they can also connect with alternative agencies through QuickBooks Toll Free Number+1-800-961-6588 or visit the website – www.RemoteAccounting247.com

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